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Conti Group Reported To Be Exiting Anaklia Port Project

Conti Group reported to be exiting Anaklia port project

Source: Anaklia Development Corporation
Anaklia, Georgia (PortSEurope) November 5, 2019 – The U.S.-based Conti Group International, a construction and development company, has announced that it will proceed with the sale of its share in the consortium responsible for the construction of Anaklia Deep-Sea Port Project, local sources have reported. According to a statement published on October 25, Conti Group “will continue to pursue a sale of its position in
the Anaklia Port Project and exit the consortium in a manner that is constructive and supportive of the project achieving completion”. However, the company said that the currently-proposed transaction of its position was pending approval from the Georgian government and some consortium members, which have not yet been received and “are unlikely to be received prior to the required deadline.” The transaction was originally due to be closed by the end of October. “Conti looks forward to continuing to engage constructively with the consortium, the Government of Georgia, and the lenders on its exit from the consortium and hopes to see the remaining members of the consortium complete the project in the near future,” the statement reads. Anaklia Development Consortium won the state tender to construct the Anaklia Deep Sea Port and signed a deal with the government in 2016. The consortium includes consists of TBC Holding from Georgia, SSA Marine (U.S.), British Wondernet Express working in Central Asia, and G-Star Ltd. from Bulgaria (the company has Georgian owners and seems to operate as an offshore investment vehicle). Conti International (U.S.) was a member of the original consortium, but in August this year local sources reported that Conti had decided to leave the consortium. The reasons remain unclear as Levan Akhvlediani, director general of the Consortium, told reporters on August 15 that Conti International has not made the decision on leaving the Consortium “today or yesterday” and that “talks about it were underway for a certain period of time.” This year, the project has also experienced problems with raising finance, interest in the development of Poti port, and the role of the Georgian government. A detailed article by PortSEurope can be accessed here, which considers the possible interests of China, Russia and the USA. Copyright (C) PortSEurope. All Rights Reserved. 2019.

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